Browse Topics
Tools
Editor's choice

Berlin noise: November’s hottest concerts

Talking vernissage: New buildings, old buildings

In Focus: Get the story behind the story

English theatre in Germany: The fall edition

Her-stories and she-roes: Of struggle and success

Across the border: The best stories from Greece to Norway

Dancing in Deutschland: German Festivals in 2009

Expat Voices: Graeme Collins on living in Germany

The Klassical Junkie: Paying Tribute to Berlin

Looking back: Remembering World War II

Internaxx Stock Market
Index Last Var.(%)
BEL 20 2119.3 0.50
DAX 5252.45 1.50
IBEX 30 10726.8 0.59
CAC 40 3377.59 1.40
FTSE 100 4564.5 0.79
AEX 276.85 0.95
DJIA 9096.72 -0.13
Nasdaq 1975.51 0.39
FTSE MIB 20341.67 1.65
TSX Composite 10570.54 -1.74
ASX 4148.9 -0.60
Hang seng 20135.5 -2.37
Straits Times 0.00
ISEQ 20 442.48 0.27
You are here: Home Life in Lifestyle London auctions prove that art is now for the super-rich

Lifestyle

archive
Print Email Comment Subscribe
Enlarge font Decrease font Text size

15/07/2008London auctions prove that art is now for the super-rich

Strong growth at top end of art market where buyers see estimate price as just a starting point.

If proof were needed that the international art market has become a playground for the super-rich, it has been delivered by record-breaking auctions in London.

Just over 40 million pounds (80 million dollars) for a Monet water lily painting, a record-smashing 15 million pounds for Italian futurist Gino Severini, four million for a Henry Moore sculpture and 5.5 million for a work by fashionable Russian modernist Natalia Goncharova were among the highlights of the recent annual impressionist and modern art auctions at Christie's and Sotheby's.

Total results exceeded previous records, as buyers spent 144 million pounds at Christie's - the most-ever in a European art sale - while Sotheby's sale made 102 million pounds.

Art experts say the results underline the fact that the super-rich are immune from the credit crunch, and that, more significantly, the middle-tier buyer who would spend up to a million pounds on a work of art, is cut out of the market.

The trend would eventually have a negative impact on the buying power of galleries and museums, analysts said.

Wealthy buyers, who regarded museum-quality art as an asset to investment portfolios, were also increasingly bypassing agents, appointing their personally-chosen experts to make the purchase, analysts noted.

Charles Dupplin, art expert at the specialist insurer Hiscox, believes there is a tale of two markets, with buoyancy at the top and evidence of a slowing in the middle market.

The market was "beginning to see signs of a pause" in the middle tier - the sort of buyer who had probably made his money from financial services and was ready to spend from 200,000 to 1 million pounds on a work of art, he told the Guardian.

The influx of new buyers, particularly from Russia, but also from the Gulf states and South-East Asia, is generally seen as being behind the growing strength at the top end of the market.
Have your German News delivered straight to your inbox - sign up for our e-mail newsletter now!

Print Email Comment Subscribe

General rating:

Rate article:    Add my rating

0 reactions to this article

Reply
Life in essentials
Life in forums
participate in the forums
Life in expert Q&A
ask your question
Life in A-Z listings
find the business you need
Discussion Forums

Religion & spirituality

Music to lift you up, by lissa0915

Religion & spirituality

Love, Quotes, by lissa0915

Religion & spirituality

On the lighter side..., by lissa0915

Films, Shows & Events

IMPACT: The Third Man in Munich Nov 29th 2009 at 8pm LEO 17, by blairgaulton

Humour

Joke of the day, by mikeyt

participate in the forums

Inside Expatica
The ABCs of the German school system

The ABCs of the German school system

Trying to size up the education system is one of the hardest things facing those embarking on a foreign posting. We set out what you should know about German schools and daycare.

How to move to Germany legally: visas and citizenship

How to move to Germany legally: visas and citizenship

Want to move to Germany but haven’t figured out the details? Check out Expatica’s overview of the German visa and citizenship system.

Taking your pet on assignment

Taking your pet on assignment

When moving abroad, the owner must make an informed decision as to whether their pet is up to the trip. Here’s an overview of the factors involved.

Looking for work in Germany: The in depth version

Looking for work in Germany: The in depth version

Moving to Germany but still searching for a job? Check out Expatica’s comprehensive overview of the ins and outs of employment in Germany, including information on how to find work, recruitment agencies, employment contracts and labour law.